Business: Margins

On Nov. 21 the Dow-Jones industrial stock averages closed at 147. Next day Federal Reserve Board Governor Marriner Stoddard Eccles publicly pronounced the market sound, declaring: "I think there is an element of safety and of strength in the fact that security purchases are being financed out of cash. . . . I am doubtful whether a runaway stock-market situation can proceed very far without being reflected in an increased demand for borrowed funds."

Last week after a ten-point decline and subsequent rise the industrial averages were again at 147. And again Governor...

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